- Posted By Rebecca Bell
Whilst we have experienced unusual and unprecedented times recently due to the global pandemic, Western Australia has been one of the least affected in Australia which has fortunately had limited impact on the property market.
After an initial slow, we have since seen more interest from serious buyers which has been a great sign for Broome's property market.
How this will affect property markets is determined by how the virus affects Australia’s economy. The economic conditions always have the biggest influence on property and as Australia is one of the very few countries with a balanced budget, and that government debt is the lowest in the world should provide investors some comfort as we are in a strong position to cushion the impact of the COVID-19 outbreak.
While we may be finding it difficult locally with boarders in place and a lot of businesses praying for the tourists to be able to open soon (us included) just think when we are eventually allowed out of our cocoons in a few months time... there’s going to be an enormous release of pent-up demand and let's hope it is while tourists are still in the midst of winter and are desperate for some Broome sunshine. All the things we haven’t been able to do, will stimulate the economy quickly, plus the stimulus packages on top of that.
We have all-time record-low interest rates, and property yields of at least 5 per cent. Locally our vacancy rate is 2.5 per cent and some of the properties we have listed at the moment are showing a 6.5 per cent return. If you'd like more details about which properties they are get in touch here.
If we can be of any assistance during this uncertain time please get in touch with one of our friendly team by clicking here.